African central bank governors are now calling for a significant overhaul of the international financial system, arguing the current architecture disadvantages developing countries, including Kenya.

Governor of the Bank of South Sudan Dr James Garang and Chairman of the East African Community Monetary Affairs Committee highlighted the issue of inadequate representation at the ongoing annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC.

“Africa, despite being nearly 20 per cent of the global population, has historically lacked adequate voting power in institutions like the International Monetary Fund and World Bank,” said Dr Garang, who chairs the club of all EAC member state governors.